The hype surrounding the iPhone is hardly unique. Splashy product launches are a time-honored tradition in the American marketplace -- and so are the stunning flops that sometimes follow. Here's a look at some of the more noteworthy hits and misses.

By Rob Kelley

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Tickle Me Elmo

Hit

Tickle Me Elmo continues its juggernaut with the junior set, over 10 years after the chortling red doll first hit store shelves in 1996. Witness the toy store melees that were sparked by shortages of Tickle Me Elmo Extreme last Christmas.

"There's speculation that a lot of these product `shortages' were just to create demand," said Julie Hall, vice president of the Consumer Group at Schneider Associates. "Whether that's true or not, it generated a lot of excitement around the product."